Minutes of the meeting held on 8^th November 2004 at Number One Central Social Club

Present: P. Naughton, D. Clarke, P.Rooney, M. McElhone, C. Young, M.McAloon, K. Rainbow, S.Smith, M. Naughton

Apologies: K. McElhone

1.Minutes of Previous Meeting

Posted on Website:  http://www.no1shareclub.co.uk/

2.Treasurer’s Report

Value of each share in the club: 51.8p

iDealing Account:£537.14

LloydsTSB Account: £682.90

Value of total assets of the club: £13,488.46

units issued 25,960

Dividends received this month: Shire £0.53 / Corin / £1.15 / Dignity £3.56 / S&N £17.86

“SLUSH” / Night Out fund: £80

3. Investment and Dealing

TESCO: Sold 70 shares = £190.43

M&S: took price offered at £492.32 = £1 loss

GRIFFIN: bought at £536.22

In the “cut and thrust” concerns were expressed that we now have a £1700 investment in a Chinese gold mine…

Suggestions were invited for this month’s purchase…

·        BT (Pat / Dave) They have moved into the U.S. with a £1bn investment and plan to expand by buying out smaller companies, although it was felt that it may be better to leave it to next time

·        HILTON (Stephen) “I’ve lost plenty of money there…”

With the temptation of “Super-Casinos” and short term concerns over BT, HILTON won out 7-2 in the vote.

There followed a discussion about CORIN and this led to a vote:

·        Do Nowt – 1 vote

·        Take Profit - 4 votes

·        Sell the Lot – 3 votes

This decision means we make 2 investments at next meeting… or one big £800 punt!

4. Any Other Business

The proposed night at the dogs has been shelved until after Christmas. The question was asked: should we sponsor a race to celebrate 5 years of Shareclub?

5. Date and Time of Next Meeting:

Monday 13^th December 8.30pm

Meeting closed 9.50pm

Minutes of the meeting held on  11^th October 2004 at Number One Central Social Club

Present: P. Naughton, M. McElhone, K. Rainbow, M. McAloon, S. Smith

Apologies:M. Naughton, K. McElhone

1.Minutes of Previous Meeting

Accepted as a true record and signed by the treasurer

2.Treasurer’s Report

Value of each share in the club: 51.6p (up 1.3p on last month and at highest point since 7.1.02)

iDealing Account:£117.51

LloydsTSB Account: £651.90

Value of total assets of the club: £13,152.70 (£12,447.29 in shares)

Therefore the average member is actually £8.41 in profit!

units issued: 25,463

Dividends received this month: EXEL £4.93; LLOYDSTSB £16.15; SEVERNTRENT £19.02

Admin fees of £5 paid to iDealing  / Interest from iDealing £1.81

Night Out / Slush:£64

3. Investment and Dealing

We were not in a position to buy as Ged Naughton’s imminent profit-taking, Spain-visiting departure from the Shareclub means money will have to be held back to pay him off. He will receive roughly 270 x the unit price, which if it stays the same as this month, will give him £138.

However…

…in the true spirit of Number One Shareclub cut and thrust, it was unanimously agreed that if we took the profit made on Tesco (£200) and re-invested, we could buy this month.

We lit the blue touch paper and stood back to admire the following profound pieces of research:

Hilton – Beef – “Big John McCririck told us on Saturday that the Gambling Industry is making £43bn a year or something… and hotels are on the up since 9/11.”

Tate & Lyle – Beef – “They’ve developed a new sweetener that doesn’t taste horrible.” However, Marty has Golden Syrup on his porridge, and Paddy had a dream about sugar…

A couple of other non-starters, like Greggs, and then the inevitable:

Griffin – Marty – “Not Griffin, surely…”

Two rounds of voting produced the inevitable 3-2 victory to Griffin over Hilton, so Griffin becomes the first company to boast 3 separate £500 investments in our portfolio at one time…

While not everyone was for Griffin the unanimous feeling of the meeting was: “If you don’t like it, come to the meetings!”

4. Any Other Business

·        It was agreed that an offer made by Marks and Spencer to buy our shares at £3.80 each was worth taking up, if it was for no less than £3.80. This would bank a small profit of £12.84 after dealing fees, but was reckoned worth it as the company looks unsure at the moment and we are the stockmarket kings of Consett (North)…

·        The proposed night at the dogs is “on the backburner” as the lads don’t like to make big decisions when there are so few at the meeting…

5. Date and Time of Next Meeting:

Monday 8^th November 8.30pm

Meeting closed 10.10pm

Minutes of the meeting held on  13^th September 2004 at Number One Central Social Club

Present:P. Naughton, K, Rainbow, M. McElhone, M. McAloon, S.Smith

Apologies:K. McElhone, D. Clarke, M. Naughton

1.Minutes of Previous Meeting

Accepted as a true record and signed by the treasurer

2.Treasurer’s Report

Value of each share in the club: 50.3p (up 2.7p on last month and highest since 3.2.02)

iDealing Account:£584.24

LloydsTSB Account: £370.90

Value of total assets of the club: £12,575.41 (£11,668.27 in shares)

units issued 24,951

Dividends received this month: BP £3.50 approx

3. Investment and Dealing

There followed the usual eclectic round of proposals, based on the thinnest of evidence…

Griffin – Stephen Smith: no comment needed

ITV – Maca: May go totally digital, and advertising is on the up

BP – Stephen: Recovering and oil prices flying

Shell – Beef: Why not if BP is rising?

Dignity – Marty: Top up time?

Corin -         “        “          “

Mowlem – Paddy – Top up now that they are close to a return to profit

Games Workshop – Beef – Popping up all over the place since Lord of the Rings

Vote:

BP 2 / Dignity 1 / ITV 1 / Mowlem 1

If money is through there will be enough to buy next month.

4. Any Other Business

The trip to the dogs was again suggested, and the response seemed in favour:

“Aye”…”I’d fancy it”…”Clarkey’s good at organising that sort of thing”…

5. Date and Time of Next Meeting:

8.30 pm 11^th October 2004

Meeting closed 9.35

Minutes of the meeting held on 9^th August 2004 at Number One Central Social Club

Present: P. Rooney, M. McElhone, D. Clarke, P. Naughton, M. McAloon, C. Young, M. Naughton

Apologies: K. McElhone, K. Rainbow

1.Minutes of Previous Meeting

Not available at time of meeting

2.Treasurer’s Report

Value of each share in the club: 47.6p – down 1.2p on last month, and lowest since April

iDealing Account:£80.77

LloydsTSB Account: £589.90

Value of total assets of the club: £ 11,638.05 (£10,999.38 in shares)

units issued:24,437

Dividends received this month: none

Night Out Slush Fund: £32

Approximate value of ordinary member’s shares: £713

3. Investment and Dealing

Following last meeting:

Rank sold for £484.95

M&S bought for £506.42

Avon Rubber bought for £530.09

There would be enough money to buy this month if we transferred funds generated by the successful night at the races (currently in LloydsTSB account) but there was insufficient enthusiasm for any of the following suggestions: (of course we have to list them so people can say, “told you so”,  an inevitable consequence of our policy of “Blame Culture”…)

Scottish and Newcastle – Clarkey – ripe for takeover

Griffin – Marty – “you know why”

Northern Rock – Clarkey

Stanley Leisure – Pat – at 390 now, we sold at 451

London Clubs International – Michael

BSKYB – Maca – has dropped 18% in 3 days

“Cash one in for a night on the piss” – Michael

Suggestions for further investigation prior to a possible buy in September:

·        Aben Ambro Bank

·        Tiger Resources

·        Anything in the motor trade

4. Any Other Business

Who fancies a trip to the dogs at Christmas?

5. Date and Time of Next Meeting:

Monday 13^th September 2004 8.30pm

Meeting closed 9.25pm

Minutes of the meeting held on 12 July 2004 at Number One Central Social Club

Present: M. McElhone,  M. McAloon, K. Rainbow, M. Naughton, S. Smith

Apologies: P. Naughton, K. McElhone

1.Minutes of Previous Meeting

2.Treasurer’s Report

Value of each share in the club: 48.8p

iDealing Account:£632.33

LloydsTSB Account: £92.84

Value of total assets of the club: £11,647.61  (£10,938.44 in shares)

units issued: 23,888

Dividends received this month: Sage £1.09, Corin £1.92, Romag £1.92, Mowlem £12.75,

Tesco £20.17. Also received £2.27 interest from iDealing

Admin. Charges of £5 were paid to iDealing.

3. Investment and Dealing

·        After a phone vote canvassing those who had attended the meeting, , we bought ZiMedical after last meeting

·        Part of our holding in TenAlps was sold, taking some profit, and raising £446.50

·        The Race Night success returned a glorious £200 to club coffers!

This month’s “cut and thrust” involved the following:

Zytronic – Maca – Local Company, good deals in the U.S.

Marks and Spencer – Maca – current price 364p offer price said to be 400p

Avon Rubber – Beef –contract with U.S. Government for 300, 000 gasmasks a year for

ten years…

Griffin – Marty – “30% nailed on profit”

Avon Rubber won the day, but it was also agreed that we should sell Rank, as it was doing nothing and buy M & S.

4. Any Other Business

Only the usual self-congratulation after the success of the races trip…

5. Date and Time of Next Meeting:

Monday August 9^th 8.30 pm

Minutes of the meeting held on 10^th May 2004 at Number One Central Social Club

Present: P. Rooney, M. McElhone, D. Clarke, P. Naughton, M. McAloon, K. Rainbow

Apologies: K. McElhone

1.Minutes of Previous Meeting

Accepted as a true record and signed by treasurer

2.Treasurer’s Report

Value of each share in the club: 48.2p

iDealing Account:£688.68

LloydsTSB Account: £463.34

Value of total assets of the club: £ 11,008.31 (£10,049.29 in shares)

units issued:22,782

Dividends received this month: Sanctuary £2.80 / Exel £9.74

Night Out Slush Fund: £193

3. Investment and Dealing

A question was raised for members to ponder and respond to at the next meeting: Is there anything in the portfolio which we think is underperforming (i.e.dead money) and we could legitimately sell to release funds for other investments?

…and so to the cut and thrust…

An incredible month for research (!) led to four selections described by the club chairman as an “excellent and unprecedented range of selections”:

Griffin (oh Lordy…) – Maca – Results due this week. Tipped in Telegraph and considered ripe for takeover. Also owns a small company in India which is said to be due for takeover. All this thanks to a late night hushed phone call…

GE Healthcare – Michael – They own a company called Amersham, which is the name of a really good pub in New Cross, and their head office is in Chalfont St. Giles…arf …arf…

Derbo – Beef – Make sausage skins, “and now foot and mouth is over, sausages are on the increase…”

Dignity – Marty – Britain’s biggest funeral directors. Very acquisitive and looking to expand. “They did the funerals of the Krays and Charlie Richardson, so we can expect plenty of good , free publicity with those horses all dressed up, processing through London, because there must be plenty more old time gangsters ready to die.”

As we have £900 ready to invest it was unanimously agreed that we should go for (more) Griffin, as Consett Klondyke Shareclub holds its bottle, and of course the gangster funeral company, Dignity, in a £400 /£500 split.

4. Any Other Business

After much discussion, the night out has been booked for Newcastle Races on June 25^th. See website http://www.no1shareclub.co.uk/ for details. Final arrangements to be discussed at next meeting.

5. Date and Time of Next Meeting:

Monday 14^th June 2004 8.30pm

Meeting closed 9.50pm

Minutes of the meeting held on 5^th April 2004 at Number One Central Social Club

Present: M. McElhone, P. Naughton, S. Smith, M. McAloon,  K. Rainbow, M. Naughton, C. Young

Apologies: K.McElhone, J. Murray

1.Minutes of Previous Meeting

Minutes from last month’s meeting accepted as a true record and signed by the treasurer.

2.Treasurer’s Report

Value of each share in the club: 47.7p (down 1.7p on last month, first drop since October)

iDealing Account:£645.56 (£3.30 interest from iDealing this month, and £5 quarterly admin.  fees paid. iDealing giveth and iDealing taketh away…)

LloydsTSB Account: £432.34 (“Slush Fund” for night at races: £177)

Value of total assets of the club: £10,615.01 (22,235 units issued)

Dividends received this month: Sage £1.97, BP £3.30.

 “Lovettwatch”: £31.33

3. Investment and Dealing

·        Mowlem was bought last month. (250 shares @ £2.0763 = £531.68)

In a very busy month for the “cut and thrust”, 6 shares were suggested:

Ø      ITV (Maca) Rumoured still for German takeover, Maca has been “watching them”

Ø      Trinity Mirror (Micky) priced low, and would represent a different sector (publishing)

Ø      Severn Trent (Paddy) Govt. increasing green initiatives, and they own loads of bin wagons

Ø      Ashtead (Beef) They hire out plant vehicles and “we’re gonna run out of tractors in this country cos they’re sending them all to Iraq…”

Ø      London Clubs International (Marty) Suggested a couple of years ago, shares have recovered recently

Ø      Sunderland AFC (Stephen) dropped 20% today following yesterday’s cup defeat “They were the biggest losers on the day” (Stephen) “Football was the biggest loser” (Charlie)

There were 2 rounds of voting after which Severn Trent won out 4-3 over SAFC. Charlie made the casting vote, with the following prudent fiscal declaration: “I remember them when they were just Four Trent, and I expect them to be Fifteen Trent within the year.” God help us…

Meanwhile, a certain treasurer who has, in the past, demonstrated his willingness to exploit Third World tobacco companies, pornography, cloning and war profiteering refused to vote for SAFC, because “you have to draw the line somewhere.”

4. Any Other Business

·        Following a vote, it was agreed that the Shareclub should be ready to act immediately following any natural disasters or terrorist outrages. It may sound cynical, but as was pointed out, the reality is that we have lost money on our portfolio following similar events in the past. The chairman / Treasurer / Secretary will act quickly to buy further shares in BP or LloydsTSB, should the occasion arise.

·        MyTravel has hovered round the stoploss and there is some uncertainty over its future. It seems there are two options, either a “debt for equity” swap (bad news for shareholders), or a rights issue (good news). Under the circumstances it was felt that we should vote on whether to keep or sell our stake. It was decided by 4 votes to 3 that we should keep the shares but watch them as closely as we can.

·        Shareclub night at the races. (Friday 25^th June): Member Rainbow proposed that the Chairman would be an excellent person to get 16 tickets sorted out and book a 16 seater bus. The Shareclub will pay transport and fund a few bets – any profits will be returned to the shareclub as they were last year.

5. Date and Time of Next Meeting:

Monday 10^th May 8.30pm

Meeting closed 10.10pm (!!!)

Minutes of the meeting held on 8^th March 2004 at Number One Central Social Club

Present: M. McElhone, P. Naughton, S. Smith, M. McAloon,  M. Naughton, J. Murray, C. Young (the latter two arriving too late for the “cut and thrust”)

Apologies: K.McElhone, K. Rainbow, D. Clarke, G. Naughton

1.Minutes of Previous Meeting

Accepted as a true record and signed by the Treasurer in the Chairman’s absence.

2.Treasurer’s Report

Value of each share in the club: 49.4p (up 0.4p on last month, but down on a mid-month price that went over 50p)

iDealing Account:£923.70

LloydsTSB Account: £397.34

Value of total assets of the club: £ 10,748.97

units issued : 21,687

Dividends received this month: £3.98 from Stanley Leisure

Lovettwatch: Just under £33

“Summer Night Out (see below) Fund: £161

3. Investment and Dealing

Just before we could start, our esteemed treasurer took a call on his mobile, just to prove his status as a captain of industry…

Selling

·         Our stake in Stanley Leisure was sold for £644.55 following the last meeting

·         Part of our stake in Griffin Mining was sold for £478.75 following the last meeting

Buying…

Six companies were suggested in an unprecedented display of interest by the 5 members who were present at this point in the meeting:

Ø      Severn Trent (2 Biffa wagons sighted on Team Valley as recently as today)

Ø      LloydsTSB (down again today, surely they must climb soon)

Ø      Borland (U.S. Computer programming language developer, tipped to be taken over by Microsoft eventually)

Ø      Trinity Mirror (We have no “proper” media holdings at the moment, and the price has hit a low)

Ø      ITVplc (The Germans are looking at them… but as Stephen says, “do we want to get into bed with the Germans?”)

Ø      Mowlem (building contractors tipped to pick up contracts from U.S. Government in Iraq)

In the first round of voting, ITV who members have watched for a while (oh Lord…), lost out to Mowlem and Trinity Mirror. The appealing combination of war profiteering and community work saw Mowlem prevail by 3 votes to 2.

Please note that there is still enough money to buy for each of the next two months… and we haven’t even mentioned Vivid Video…

4. Any Other Business

§         Ged Naughton was officially welcomed as a new member. It was pointed out that when he spent a year in Africa Newcastle won about 17 consecutive games. They lost to Grimsby on the very day he returned… Anyone feel another Marconi coming on?

§         Our annual night out will be at Newcastle Races on Friday June 25^th, the night before Plate Day, so it will be advisable to book in advance. Names at next meeting please.

 5. Date and Time of Next Meeting:

Monday 5^th April 2004 (please note change of date as April 12^th is Easter Monday)

Meeting closed: 9.30pm

Minutes of the meeting held on 9^th February2004 at Number One Central Social Club

Present: D. Clarke, M. McElhone, P. Naughton, S. Smith, M. McAloon,  K. Rainbow

Apologies: J. Murray, P. Rooney

1.Minutes of Previous Meeting

Accepted as a true record and signed by Chairman

2.Treasurer’s Report

Value of each share in the club: 49p (but rose to 49.5p during the course of today)

iDealing Account: £64.55

LloydsTSB Account: £366.34

Value of total assets of the club:£10,406.28

Dividends received this month: None

“night Out / Slush Fund”: £145

Lovettwatch:£32.52

Any resemblance to people living or dead is purely accidental…

3. Investment and Dealing

SELLING

·         As Griffin was showing a healthy profit of around 47% it was agreed that we should sell approximately £500 worth of our shares (voted 4-2 in favour). Thanks to Maca for a sound tip, described by the chairman as being “in keeping with the prudent fiscal policies of one of North Consett’s leading Shareclubs.” (Check out the “Thoughts of Chairman Dave” at http://www.no1shareclub.co.uk/ )

·         N>It was unanimously agreed that we should sell our holding in Stanley Leisure (up 28%). Thanks to Beef for originally suggesting Stanley Leisure.

·         As the above sales released funds, it was agreed that we should buy both this month and next.

BUYING

·         In our unprecedented state of comparative weallth, various possibilities were mooted by members who will remain anonymous… see if you can guess:

“Sell everything and just buy more shares in Griffin”

“Wind the club up, take the money and run…”

“Vivid Video, I tell you… has anyone seen the Porno Valley on Sky?”

In the end the cut and thrust took over. With extra funds available to buy next month, there was a vote for  this month, which went as follows:

Round1:Severn Trent (because they have Biffa wagons) 2

            Tenalps (increasing our stake in a market sector tipped to rise) 2

            LLOYDSTSB (increasing stake in something dependable?) 1

            Friends Provident 1

So it was a draw. After a second round of voting, described as “shite”, Tenalps came out 4-2 winner. I think it was Marty’s tip.

4. Any Other Business

Two potential new members have approached the Shareclub. (Ged Naughton and Steven Hunt) Their actions were described by members as “coming in flagwaving like the Yanks at the end of the war. Where were they  at the Torotrak Dunkirk or the Marconi Monte Cassino?” (Never short of a military metaphor these boys!) Nevertheless any application is likely to be approved.

5. Date and Time of Next Meeting:            Monday 8^th March 2004

Meeting closed: 9.50 pm

Minutes of the meeting held on 12^th January 2004 at Number One Central Social Club

Brought to you by Crimestoppers…

Present: D. Clarke, M. McElhone, P. Naughton, S. Smith, M. McAloon,  K. Rainbow

Apologies: K.McElhone, M. Naughton, and the usual absence of pasties.

1.Minutes of Previous Meeting

·         Accepted as a true record and signed by chairman

·         If we were to have t-shirts made, the treasurer reported that they would be £7.50 each

·         Our Marconi shares are “warrants”

2.Treasurer’s Report

Value of each share in the club: 46.2p  (the average member’s holding is worth approx. £595)

iDealing Account:£573.97

LloydsTSB Account: £101.34

Value of total assets of the club: £ 9,559.62

units issued 20,668

Dividends received this month: £3.47 (BP)

“night Out / Slush Fund”:£130

£5.45 interest received from iDealing

£5 Quarterly administration fees paid to iDealing

New Feature – “Lovettwatch”… now that things are slowly improving, certain members suggested that we should publish a figure which shows how much growth a hypothetical Shareclub member would have missed out on if he hypothetically withdrew his holding in November instead of just leaving it alone to grow. At the moment it is a hypothetical £11.30

3. Investment and Dealing

After 3 rounds of voting, described as “mildly tense” the 6 members in attendance were in a 3-3 deadlock over the following:

·         Mytravel – a company which runs “Airtours” and “DirectHolidays” and has had favourable reports, notably in The Mail, as well as appealing to the Shareclub “vision of the villa in Lanzarote” (Smithy gets a wet fortnight in February)

·         Vodafone – tipped in Express and widely fancied

BT, JDWetherspoon, and HSBC had been eliminated in the first 2 rounds.

With an unprecedented move, described as “cutting edge” by observers, member M. Naughton was contacted by mobile phone (set on “speakerphone”) and his casting vote went in favour of Mytravel.

Our IT department can’t buy first thing in the morning because he has “got a meeting”. He was reminded of the need to produce pasties (filled ones) from this meeting as ordinary members were becoming restless with the absence of snacks on the bar.

4. Any Other Business

 Some of the information on ADVFN regarding Griffin and Marconi is inaccurate. Treasurer and IT department/failed pastie provider will deal with the problem.

Member K. Rainbow wished it to be known that he bought a pastie in the Metro Centre outlet of a well-known local baker and there was no filling in it. And he’d paid for it.

5. Date and Time of Next Meeting:

Monday 9^th February 2004 (Pubwatch allowing)

Meeting closed: 9.30